MIRA INFORM REPORT

Report Date :

07.02.2014

IDENTIFICATION DETAILS

Name :	TIME STAR BVBA
Registered Office :	Pelikaanstraat 62 2018 Antwerpen
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	30.10.2006
Com. Reg. No.:	884871909
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and precious stones
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank

Source : CIA

Company name and address

Business number	884871909
Company name	TIME STAR BVBA
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	0
Date of establishment	30/10/2006
Telephone number	032323361
Fax number

Commentary

The business was established over 7 years ago.

No employees are recorded for this business.

The business has been at the address for over 5 years.

There has been no significant change in the business's credit limit.

Net Worth decreased by 141% during the latest trading period.

The business saw an increase in their Cash Balance of 51% during the latest trading period.

Net Worth is a negative amount during the latest trading period.

Working Capital is a negative amount during the latest trading period.

Accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2012		61,575	-87,573	-90,892
31/12/2011		66,097	212,235	204,849
31/12/2010		57,450	163,273	153,526

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2012	3,690,751	0	62,000	-295,741
31/12/2011	3,945,605	0	62,000	53,639
31/12/2010	4,216,393	0	62,000	44,495

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	167.59	Industry average day sales outstanding	121.06
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-
Business number	884871909	Company name	TIME STAR BVBA
Fax number		Date founded	30/10/2006
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2012
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0884.871.909
Belgian Bullettin of Acts Publications	moniteur belge

Significant Events

Event Date	18/06/2012
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 14-07-2010: De benoeming van Maniyar Harshil werd bevestigd als zaakvoerder.

Profit & loss

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	-	-	-	-	-	46,632,531	-
	Total operating expenses	-	-	-	-	-	46,240,618	-
	Operating result	29,094	85.63	-33,976	-138	87,448	147,817	-80.32
	Total financial income	34,841	-66.55	104,149	-	-	97,084	-64.11
	Total financial expenses	2,360	-42.09	4,075	-86.41	29,998	203,915	-98.84
	Results on ordinary operations before taxation	61,575	-6.84	66,097	15.05	57,450	32,736	88.10
	Taxation	-	-	17,135	16.69	14,685	20,918	-
	Results on ordinary operations after taxation	61,575	25.76	48,961	14.49	42,765	17,844	245
	Extraordinary items	-361,384	-	0	0	-2,776	-4,553	-7837
	Other appropriations	0.00	-	0.00	-	0	-	-
	Net result	-299,809	-712	48,961	22.44	39,989	13,309	-2352
	other information
	Dividends	-	-	-	-	-	172,177	-
	Director remuneration	-	-	-	-	-	114,302	-
	Employee costs	-	-	-	-	-	126,646	-
	Wages and salary	-	-	-	-	-	106,139	-
	Employee pension costs	-	-	-	-	-	14,428	-
	Social security contributions	-	-	-	-	-	26,753	-
	Other employee costs	0	-	0	-	0	4,402	-100
	Amortization and depreciation	4,068	-13.04	4,678	3.81	4,506	17,955	-77.35
	back to top

balance sheet

	Annual accounts	31-12-2012	%	31-12-2011	%	31-12-2010	Industry average 2012	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	1,570	-100
	Tangible fixed assets	2,352	-63.36	6,419	-26.89	8,780	184,414	-98.72
	Land & building	-	-	-	-	-	359,608	-
	Plant & machinery	1,995	-27.49	2,751	52.81	1,800	22,793	-91.25
	Furniture & Vehicles	357	-90.26	3,669	-47.44	6,980	17,438 5,418	-97.95
	Leasing & Other Similar Rights	-	-	-	-	-	142,153 32,369	-
	Other tangible assets	0	-	0	-	0	7,711	-100
	Financial fixed assets	967	0	967	-0.02	967	294,763	-99
	Total fixed assets	3,318	-55.07	7,386	-24.22	9,747	387,230	-99
	Inventories	525,601	159	202,386	-2.28	207,116	3,092,433	-83.00
	Raw materials & consumables	-	-	-	-	-	7,209,884	-
	Work in progress	0	-	0	-	0	2,426	-100
	Finished goods	0	-	0	-	0	1,981,611	-100
	Other stocks	525,601	159	202,386	-2.28	207,116	574,617	-8.53
	Trade debtors	2,771,450	-20.43	3,483,134	-1.68	3,542,828	4,172,397	-33.58
	Cash	378,295	51.36	249,931	-45.01	454,532	226,713	66.86
	other amounts receivable	10,867	712	1,337	-30.52	1,924	184,589	-94.11
	Miscellaneous current assets	1,220	-14.80	1,432	481	246	17,803	-93.15
	Total current assets	3,687,433	-6.37	3,938,219	-6.38	4,206,646	7,222,269	-48.94
	Total Assets	3,690,751	-6.46	3,945,605	-6.42	4,216,393	7,577,514 1,453,566	-51.29
	current liabilities
	Trade creditors	3,072,928	2.12	3,009,265	-10.31	3,355,056	3,066,773	0.20
	Short term group loans	-	-	-	-	-	-	-
	Financial debts	36	-	-	-	-	4,242,556 192,320	-99
	Current portion of long term debt	-	-	-	-	-	108,079 15,346	-
	Amounts Payable for Taxes, Remuneration & Social Security	-	-	3,500	-41.67	6,000	9,423 -	-
	Miscellaneous current liabilities	705,360	-2.12	720,605	4.12	692,064	135	- -
	Total current liabilities	3,778,325	1.20	3,733,370	-7.89	4,053,120	5,360,460	-29.51
	Long term debts and liabilities
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	-	-	-	-	-	-	- -
	Deffered taxes	-	-	-	-	-	37,626 26,358	-
	Provisions for Liabilities & Charges	0	-	0	-	0	3,220 0	-100
	Other long term liabilities	0	-	0	-	0	129,765	-100
	Total long term debts	0	-	0	-	0	562,577	-100
	shareholders equity
	Issued share capital	62,000	0	62,000	0	62,000	911,094	-93.19
	Share premium account	-	-	-	-	-	109,362	-
	Reserves	-149,573	-199	150,235	48.35	101,273	699,735	-121
	Revaluation reserve	-	-	-	-	-	968,672	-
	Total shareholders equity	-87,573	-141	212,235	29.99	163,273	1,640,673	-105
	Working capital	-90,892	-144	204,849	33.43	153,526	1,861,809	-104
	Cashflow	-295,741	-651	53,639	20.55	44,495	28,110	-1152
	Net worth	-87,573	-141	212,235	29.99	163,273	1,637,427	-105
	back to top

ratio analysis

	Annual accounts	31-12-2012	change(%)	31-12-2011	change(%)	31-12-2010	Industry average 2012	%
	Trading performance
	Profit Before Tax	-	-	-	-	-	-26,00	-
	Return on capital employed	-70.31	-325	31.14	-11.51	35.19	29,00	-342
	Return on total assets employed	1.67	-0.60	1.68	23.53	1.36	-203,00	0.82
	Return on net assets employed	-70.31	-325	31.14	-11.51	35.19	19,00	-470
	Sales / net working capital	-	-	-	-	-	45,00	-
	Stock turnover ratio	-	-	-	-	-	111,00	-
	Debtor days	-	-	-	-	-	133,00	-
	Creditor days	-	-	-	-	-	122,00	-
	short term stability
	Current ratio	0.98	-6.67	1.05	0.96	1.04	7,00	-89.11
	Liquidity ratio / acid ratio	0.84	-16.00	1	1.01	0.99	4,00	-79.00
	Current debt ratio	-43.14	-345	17.59	-29.13	24.82	9,00	-579
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	-0.04	-	-	-	-	363,00	-100
	Equity in percentage	-2.37	-144	5.38	39.02	3.87	-3.247,00	0.07
	Total debt ratio	-43.14	-345	17.59	-29.13	24.82	11,00	-492

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	167.59
Industry average day sales outstanding	121.06

Industry quartile analysis

Payment expectations
Company result	-
Lower	134.36
Median	84.93
Upper	45.17
Day sales outstanding
Company result	-
Lower	113.11
Median	59.01
Upper	28.58

Company result	-
Lower	134.36
Median	84.93
Upper	45.17

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename		Paras	Middle name	-
Surname		Shah
Shareholder Details
Start date		30/10/2006	End date	-
Percentage owned		100%
Shareholder Address
Street name		-	House number	-
Minor town		-	Postal town	Stekene
Post code		-	Country	Belgium
City of drawer	-

NSSO details

Business number	884871909
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Current director details

Name	PARAS JAYANTILAL SHAH
Position	Principal Manager
Start Date	16/08/2010
Street	123 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

Name	HARSHIL CHETAN MANIYAR
Position	Principal Manager
Start Date	02/12/2009
End Date	20/02/2013
Street	213 MECHELSESTEENWEG ANTWERPEN
Post code	2018
Country	Belgium

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.50
UK Pound	1	Rs.101.92
Euro	1	Rs.84.50

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.